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At which point, they began to vigorously compete against American firms. Then, during the 1970's is when China and other nations throughout Asia began to focus on trading aggressively with: Europe, Japan and the United States. This meant that the overall amounts of competition facing American companies increased exponentially. Once this occurred, is when they began to become more competitive against foreign firms. (Frye, 1997, pp. 354 -- 358) (Krueger, 1998, pp. 1513-1522)
As a result, American companies adapted to these changes and began to focus on ways to increase their underlying amounts of productivity. Over the course of time, this led to focus among many corporations about how to find the lowest labor costs and open a particular country's products to new markets. This is when there were various free trade zones that were created, to help firms have lower costs of labor and provide many developing...
This is important, because it is showing how the experiences of emerging postwar economies increased the total amounts of competition. Once this occurred, there was a shift in markets with most nations focusing on liberalizing their trade policies (i.e. lowering taxes and reducing trade barriers). While at the same time there was a change in industrial policy and trade. This took place with: less protection given to manufacturers and greater amounts of trade inside nations that have established free trade agreements with each other. (Frye, 1997, pp. 354 -- 358) (Krueger, 1998, pp. 1513-1522)
What all of this is showing is that the increased amount of trade and competition has led to more liberalized trade policies. This has created a host of free trade agreements between nations, which is resulting in: changes in the way domestic producers are operating and increased amounts of trade. These different elements have led to creation of free trade zones and a focus on reducing trade barriers as much as possible. (Frye, 1997, pp. 354 -- 358) (Krueger, 1998, pp. 1513-1522)
Bibliography
Bruton, H. (1998). A reconsideration of import substitution. Journal of Economic Literature, 36, (2), 903-936
Frye, T. (1997). The invisible hand and the grabbing hand.…
Bibliography
Bruton, H. (1998). A reconsideration of import substitution. Journal of Economic Literature, 36, (2), 903-936
Frye, T. (1997). The invisible hand and the grabbing hand. American Economic Review, 87, (2), 354-358.
Krueger, A. (1998). Why trade liberalization is good for growth. Economic Journal, 108, (450), 1513-1522.
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